Monday, June 14, 2004
Gateway said it would sell excess inventory from the stores recently closed through Best Buy Co. retail locations.
The merchandise for sale will include consumer electronics items such as home theater systems, digital music players and flat-screen televisions, but not personal computers, said Gateway spokesman Bob Sherbin.
Gateway Chief Executive Wayne Inouye spent several years working for Best Buy. After he left the retail chain to run EMachines Inc., the company's low-priced PCs made their way onto Best Buy shelves. Inouye joined Gateway after it bought EMachines for $290 million in March.
Gateway is expected to soon begin selling its PCs through Best Buy and other retail outlets such as Circuit City Stores Inc. and CompUSA Inc.
Gateway lost $526 million last year on sales of $3.4 billion, and has reported losses for nine consecutive quarters.
The company is aiming to shed 4,000 jobs by December, including the 2,500 it cut by closing its nationwide network of 188 retail stores.
By: DocMemory
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